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Business Taxes Law Guide—Revision 2024
Tax on Insurers Law
Revenue and Taxation Code
Division 2. Other Taxes
Part 7. Insurance Taxation
Chapter 5. Payment and Collection
Article 2. Interest and Penalties*
Section 12632
12632. Deficiency assessment; interest and penalty. [Repealed by Stats. 2013, Ch. 33 (SB 78) in effect June 27, 2013.]
12632. Deficiency assessment; interest and penalty. [Repealed by Stats. 2013, Ch. 33 (SB 78), effective January 1, 2015.]
12632. Deficiency assessment; interest and penalty. (a) An insurer that fails to pay any deficiency assessment when it becomes due and payable shall, in addition to the deficiency assessment, pay a penalty of 10 percent of the amount of the deficiency assessment, exclusive of interest and penalties. The amount of any deficiency assessment, exclusive of penalties, shall bear interest at the modified adjusted rate per month, or fraction thereof, established pursuant to Section 6591.5, from the date on which the amount, or any portion thereof, would have been payable if properly reported and assessed until the date of payment.
(b) This section shall become operative on July 1, 2013.
History—Added by Stats. 2013, Ch. 33 (SB 78), in effect June 27, 2013, but operative July 1, 2013.
* Former Article 2, Suits for Taxes, was renumbered as Article 3 by Stats. 1961, p. 1988, operative January 1, 1962.